Wave analysis of EURUSD, GBPUSD, AUDUSD on February 02.
It is assumed that the currency pair continues to move within the middle part of the correction wave [W]. It is very likely that in the next few hours the formation of a small ascending wave b will be completed, and after that we will see a price reduction. In favour of this says the macroeconomic statistics published in the US yesterday, which indicates that today we will see a positive release on Non-Farm. Also, it should be noted the growth of the ISM Manufacturing Prices to the highest level in recent years. The rise in prices in the industry indicates an acceleration of inflation, which may lead to a more rapid increase in the rates of the Fed, which is positive for the dollar and may help reduce the currency pair.
The currency pair continues to move within the framework of the correctional wave 4, which consists of three components. Now the middle part is forming - wave [b]. Most likely, in the near future we will see a small rise in prices, after which the market will unfold and the currency pair will begin to decline within the framework of the impulse wave [c]. In favour of this judgment is the macroeconomic statistics on business activity in the manufacturing sector of the United Kingdom and the United States, published yesterday, which points to a downtrend in GBPUSD. In addition, in the second half of the day you can expect positive statistics on the labour market in the United States, which will also help to reduce the currency pair.
After the upward impulse wave A has been fully completed, we most likely see the beginning of the new downtrend, which is the correction wave B and can take the form of any correction model. While it is difficult to say exactly which wave B will take, it is recommended to observe the movement of quotations remaining as far as possible out of the market.
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